6-K - CAAP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20546

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGEACT OF 1934

For the month of November, 2023

Commission File Number: 333-221916

Corporación América AirportsS.A.

(Name of Registrant)

128, Boulevard de la PétrusseL-2330, Luxembourg

GrandDuchy of Luxembourg****Tel: +35226258274Fax: +35226259776

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2023 AND 2022

This report of foreign private issuer on Form 6-K (this “Form 6-K”) is being filed by Corporación América Airports S.A. (“CAAP” or the “Company”) with the Securities and Exchange Commission. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company's unaudited condensed consolidated interim financial statements for the three and nine-month period ended September 30, 2023 and 2022 (the “Consolidated Interim Financial Statements”) as Exhibit 99.1. The Consolidated Interim Financial Statements are being incorporated by reference into the Registration Statement on Form F-3 (File No. 333-274239).

The Consolidated Interim Financial Statements are presented in U.S. Dollars and prepared in accordance with IAS 34, “Interim Financial Reporting”. These Consolidated Interim Financial Statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards of the International Accounting Standards Board and the interpretations of the International Financial Reporting Interpretations Committee.

Exhibits

Exhibit No.	Description
99.1	CAAP Unaudited Condensed Consolidated Interim Financial Statements for the three and nine-month period ended September 30, 2023 and 2022.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Corporación America Airports S.A.
By:	/s/ Andres Zenarruza
Name: Andres Zenarruza
Title: Head of Legal and Compliance
By:	/s/ Jorge Arruda
Name: Jorge Arruda
Title: Chief Financial Officer

Date: November 15, 2023

Exhibit 99.1

CorporaciónAmérica Airports S.A. Unaudited Condensed Consolidated Interim Financial Statements for the three and nine-month period endedSeptember 30, 2023 and 2022 (amounts in thousands of U.S. dollars except share data or as otherwise indicated).

Corporación América AirportsS.A.

CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS

For the three and nine month period ended September 30,2023 and 2022

R.C.S. Luxembourg B 174.140

128, Boulevard de la Pétrusse

L – 2330 Luxembourg

CONDENSED CONSOLIDATEDINTERIM STATEMENT OF INCOME

		For the three-month period <br> ended September 30,						For the nine-month period <br> ended September 30,
	Notes	2023			2022			2023			2022
Revenue	4		469,543			395,490			1,273,771			1,006,091
Cost of services	5		(294,561	)		(268,219	)		(819,021	)		(694,382	)
Gross profit			174,982			127,271			454,750			311,709
Selling, general and administrative expenses	6		(41,561	)		(38,026	)		(121,256	)		(99,162	)
Impairment loss of non-financial assets			-			(29	)		(47	)		(34	)
Other operating income	7		5,650			6,567			19,700			14,283
Other operating expenses			(7,414	)		(3,302	)		(9,145	)		(4,913	)
Operating income			131,657			92,481			344,002			221,883
Share of loss in associates			(1	)		(3	)		(90	)		(561	)
Income before financial results and income tax			131,656			92,478			343,912			221,322
Financial income	8		25,386			10,212			55,623			48,039
Financial loss	8		(66,671	)		(14,683	)		(154,908	)		(115,909	)
Inflation adjustment	8		(19,174	)		(1,975	)		(32,996	)		18,501
Income before income tax			71,197			86,032			211,631			171,953
Income tax	9		(18,505	)		(13,185	)		(54,500	)		(4,558	)
Income for the period			52,692			72,847			157,131			167,395
Attributable to:
Owners of the parent			46,482			57,231			147,560			160,536
Non-controlling interests			6,210			15,616			9,571			6,859
			52,692			72,847			157,131			167,395
Earnings per share for profit attributable to the ordinary equity holders of the Group:
Basic earnings per share			0.29			0.36			0.92			1.00
Diluted earnings per share			0.29			0.36			0.92			1.00

CONDENSED CONSOLIDATED INTERIMSTATEMENT OF COMPREHENSIVE INCOME

	For the three-month period<br> ended September 30,						For the nine-month period<br> ended September 30,
	2023			2022			2023		2022
Income for the period		52,692			72,847			157,131		167,395
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit obligations		16			(76	)		31		511
Items that may be reclassified to profit or loss:
Share of other comprehensive (loss)/income from associates		(160	)		705			4		11
Currency translation adjustment		(14,344	)		30,917			7,502		107,084
Other comprehensive (loss)/income for the period, net of income tax		(14,488	)		31,546			7,537		107,606
Total comprehensive income for the period		38,204			104,393			164,668		275,001
Attributable to:
Owners of the parent		32,227			80,398			157,403		243,240
Non-controlling interests		5,977			23,995			7,265		31,761
		38,204			104,393			164,668		275,001

The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. These Condensed Consolidated Interim Financial Statements should be read in conjunction with our audited Consolidated Financial Statements and notes for the year ended December 31, 2022.

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CONDENSEDCONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

	Notes
ASSETS
Non-current assets
Intangible assets, net	10	3,048,770		2,960,002
Property, plant and equipment, net		74,159		74,742
Right-of-use asset		6,791		9,192
Investments in associates		1,911		1,911
Other financial assets at fair value through profit or loss		3,139		3,160
Other financial assets at amortized cost		18,234		3,764
Derivative financial instruments		66		67
Deferred tax assets		59,717		54,882
Inventories		-		254
Other receivables		66,294		78,765
Trade receivables		1,026		1,581
		3,280,107		3,188,320
Current assets
Inventories		15,587		15,765
Other financial assets at fair value through profit or loss		4,447		12,792
Other financial assets at amortized cost		84,322		53,905
Other receivables		61,378		57,800
Current tax assets		5,548		10,852
Trade receivables		135,925		111,089
Cash and cash equivalents	11	468,940		385,265
		776,147		647,468
Total assets		4,056,254		3,835,788
EQUITY	14
Share capital		163,223		163,223
Share premium		183,430		183,430
Treasury shares		(4,438	)	(4,600	)
Free distributable reserve		378,910		378,910
Non-distributable reserve		1,358,028		1,358,028
Currency translation adjustment		(241,310	)	(251,145	)
Legal reserves		3,676		1,081
Other reserves		(1,313,835	)	(1,314,025	)
Retained earnings		346,556		201,193
Total attributable to owners of the parent		874,240		716,095
Non-controlling interests		139,811		146,274
Total equity		1,014,051		862,369
LIABILITIES
Non-current liabilities
Borrowings	12	1,269,923		1,287,421
Deferred tax liabilities		267,029		232,458
Other liabilities	13	863,880		768,383
Lease liabilities		5,874		5,531
Trade payables		3,153		3,307
		2,409,859		2,297,100
Current liabilities
Borrowings	12	154,403		178,016
Other liabilities	13	340,616		357,078
Lease liabilities		1,293		3,278
Derivative financial instruments liabilities		-		51
Current tax liabilities		17,071		13,794
Trade payables		118,961		124,102
		632,344		676,319
Total liabilities		3,042,203		2,973,419
Total equity and liabilities		4,056,254		3,835,788

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CONDENSEDCONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

	Attributable to owners of the parent
	Share<br><br> capital		Share<br><br> premium		Treasury<br><br> shares			Free<br><br> distributable<br><br> reserves		Non-<br><br> distributable<br><br> reserves		Legal<br><br> reserves		Currency<br><br> translation<br><br> adjustment			Other<br><br> reserves			Retained earnings ^(1)^			Total		Non-<br><br> controlling<br><br> interests			Total
Balance at January 1,<br> 2023		163,223		183,430		(4,600	)		378,910		1,358,028		1,081		(251,145	)		(1,314,025	)		201,193			716,095		146,274			862,369
Income for the period		-		-		-			-		-		-		-			-			147,560			147,560		9,571			157,131
Other comprehensive income/(loss)<br> for the period		-		-		-			-		-		-		9,835			8			-			9,843		(2,306	)		7,537
Share-based payments reserve<br> (Note 14.a and 14.c)		-		-		162			-		-		-		-			182			398			742		-			742
Transfer to legal reserve		-		-		-			-		-		2,595		-			-			(2,595	)		-		-			-
Dividends<br> paid to non-controlling interests in subsidiaries		-		-		-			-		-		-		-			-			-			-		(13,728	)		(13,728	)
Balance<br> at September 30, 2023		163,223		183,430		(4,438	)		378,910		1,358,028		3,676		(241,310	)		(1,313,835	)		346,556			874,240		139,811			1,014,051
Balance at January 1,<br> 2022		163,223		183,430		(4,772	)		378,910		1,358,028		1,081		(321,647	)		(1,321,211	)		32,689			469,731		303,877			773,608
Income for the period		-		-		-			-		-		-		-			-			160,536			160,536		6,859			167,395
Other comprehensive income<br> for the period		-		-		-			-		-		-		82,232			472			-			82,704		24,902			107,606
Share-based payments reserve<br> (Note 14.a and 14.c)		-		-		52			-		-		-		-			329			98			479		-			479
Redemption of preferred shares<br> (Note 14.d)		-		-		-			-		-		-		-			-			-			-		(187,881	)		(187,881	)
Dividends<br> paid to non-controlling interests in subsidiaries		-		-		-			-		-		-		-			-			-			-		(8,999	)		(8,999	)
Balance<br> at September 30, 2022		163,223		183,430		(4,720	)		378,910		1,358,028		1,081		(239,415	)		(1,320,410	)		193,323			713,450		138,758			852,208

^(1)^ Retained earnings calculated according to Luxembourg Law are disclosed in Note 15.

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CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

		For the nine-month period ended<br><br> September 30,
	Notes	2023			2022
Cash flows from operating activities
Income for the period from continuing operations			157,131			167,395
Adjustments for:
Amortization and depreciation			136,154			132,290
Deferred income tax	9		25,785			(13,042	)
Current income tax	9		28,715			17,600
Share of loss in associates			90			561
Impairment loss of non-financial assets			47			34
Loss on disposals of property, plant and equipment			5			385
Unpaid concession fees			44,910			38,843
Low value, short term and variable lease payments			(2,534	)		(873	)
Changes in liability for concessions	8		75,851			75,995
Share-based compensation expenses			742			479
Collection of government grants			383			10,020
Interest expenses	8		80,399			136,198
Other financial results, net			(39,424	)		(31,999	)
Net foreign exchange	8		(9,439	)		(112,068	)
Other accruals			1,071			(8,363	)
Inflation adjustment			36,993			(7,791	)
Government grants per Covid-19 context	7		(3,726	)		(582	)
Acquisition of intangible assets			(141,604	)		(97,521	)
Income tax paid			(21,510	)		(17,520	)
Changes in working capital	17		(48,570	)		(102,834	)
Net cash provided by operating activities			321,469			187,207
Net cash used in discontinued operating activities			-			-
Cash flows from investing activities
Cash contribution in associates			(99	)		(268	)
Acquisition of other financial assets			(100,627	)		(139,959	)
Disposals of other financial assets			66,778			152,666
Acquisition of property, plant and equipment			(7,420	)		(5,292	)
Acquisition of intangible assets			(817	)		(542	)
Proceeds from property, plant and equipment			21			203
Other			1,152			738
Net cash (used in)/provided by investing activities			(41,012	)		7,546
Net cash used in discontinued investing activities	19		-			(7,700	)
Cash flows from financing activities
Loans obtained	12		91,438			352,149
Guarantee deposits			566			(83	)
Principal elements of lease payments			(3,171	)		(3,210	)
Loans repaid	12		(143,528	)		(252,542	)
Interest paid	12		(72,236	)		(81,400	)
Debt renegotiation expenses capitalization	12		(165	)		(1,782	)
Dividends paid to non-controlling interests in subsidiaries			(13,728	)		(8,999	)
Redemption of preferred shares	14.d		-			(177,261	)
Other			-			13
Net cash used in financing activities			(140,824	)		(173,115	)
Net cash used in discontinued financing activities			-			-
Increase in cash and cash equivalents from continuing operations			139,633			21,638
Decrease in cash and cash equivalents from discontinued operations			-			(7,700	)
Movements in cash and cash equivalents
At the beginning of the period			385,265			375,783
Effects of exchange rate changes and inflation adjustment on cash and cash equivalents			(55,958	)		(41,369	)
Increase in cash and cash equivalents from continuing operations			139,633			21,638
Decrease in cash and cash equivalents from discontinued operations			-			(7,700	)
At the end of the period	11		468,940			348,352

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NOTESTO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1	General information and significant event of the period
2	Basis of presentation and accounting policies
3	Segment information
4	Revenue
5	Cost of services
6	Selling, general and administrative expenses
7	Other operating results
8	Financial results, net
9	Income tax
10	Intangible assets, net
11	Cash and cash equivalents
12	Borrowings
13	Other liabilities
14	Equity
15	Contingencies, commitments and restrictions on the distribution of profits
16	Related party balances and transactions
17	Cash flow disclosures
18	Fair value measurement of financial instruments
19	Discontinued operations
20	Financial risk factors
21	Subsequent events

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1	General information and significant event of the period

1.1 General information

Corporación América Airports S.A. (the “Company” or “CAAP”) is a holding company primarily engaged through its operating subsidiaries in the acquisition, development and operation of airport concessions. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group”.

The Company’s shares trade on the New York Stock Exchange (“NYSE”) under the symbol “CAAP”.

The Company was formed as a private limited liability company under the laws of the Grand Duchy of Luxembourg on December 14, 2012. The Company is ultimately controlled by Southern Cone Foundation (“SCF”), a foundation organized under the laws of the Principality of Liechtenstein. The address of its registered office is in Vaduz.

The Company´s registered office address is 128, Boulevard de la Pétrusse, Luxembourg.

The Group currently has operations in Argentina, Brazil, Uruguay, Armenia, Italy and Ecuador.

A list of the principal Group’s subsidiaries is included in Note 2 of the Consolidated Financial Statements as of December 31, 2022.

The fiscal year begins on January 1 and ends on December 31.

These Condensed Consolidated Interim Financial Statements have been approved for issuance by the Board of Directors on November 15, 2023.

1.2 Significant events of the period

1.2.1	Conflict between Russia and Ukraine

Russia´s war against neighboring Ukraine continues to disrupt international travel from and to Russia and Ukraine and other destinations as the flights to Russia have been banned by Western countries and by the European Union, Russia has closed its skies for carriers registered in Western countries and carriers avoid overflying the war zone. It is likely that this war will continue to disrupt supply chains, cause instability in the global economy and disrupt international travel to/from airports operated by the Company, in particular those located in Europe.

In addition, following Russia’s invasion of Ukraine, sanctions have been implemented against Russia, including, among others, travel bans and asset freezes impacting businesses, financial organizations and individuals of Russian origin some of which have been tightened as the war intensified. Wider sanctions and other actions could be imposed if the conflict further escalates.

During 2022 and the first nine months of 2023, there has been an increase in traffic in Armenia above internal projections and the traffic in Italy has not been affected by the conflict. Moreover, there has been an increase in the costs of raw materials and expenses for utilities, being caused mainly by the conflict. Considering the uncertainty of the extension of the war and the additional measures and sanctions that could be imposed, the full extent by which the war will impact the Company’s business, results of operations, financial position and liquidity is unknown. The Company is closely monitoring the situation.

1.2.2	AA2000 – New Departure Terminal at Ezeiza Airport

On April 14, 2023, AA2000 inaugurated the new departure terminal at Ezeiza Airport, Argentina, with capacity to serve up to 30 million passengers per year, becoming the most modern airport terminal in Latin America.

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2	Basis of presentation and accounting policies

Basis of presentation

These Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The accounting policies used in the preparation of these Condensed Consolidated Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2022. These policies have been consistently applied to all the periods presented, unless otherwise stated. These Condensed Consolidated Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) of the International Accounting Standards Board (“IASB”) and the Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

Elimination of all material intercompany transactions and balances between the Company and the other companies and their respective subsidiaries have been made.

The preparation of Condensed Consolidated Interim Financial Statements in accordance with IFRS requires management to make certain accounting estimates and assumptions that might affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the reporting dates, and the reported amounts of revenues and expenses during the reporting years. Actual results may differ from these estimates.

In the preparation of these Condensed Consolidated Interim Financial Statements, the significant areas of judgment by management in the application of the Group’s accounting policies and the main areas of assumptions and estimates are consistent with those applied in the Consolidated Financial Statements for the year ended December 31, 2022.

Assets and liabilities are classified as current if settlement is expected within twelve months.

There were no changes in valuation techniques during the period and there were no changes in risk management policies since the end of the year ended December 31, 2022.

Application of IAS 29 in financial reportingof Argentine subsidiaries and associates

IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy to be adjusted for the effects of changes in a suitable general price index and to be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. Accordingly, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items.

Under the terms of IAS 29, the Group understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy for accounting purposes as from July 1, 2018, and, accordingly, it has applied IAS 29 as from that date in the financial reporting of its subsidiaries and associates with the Argentine peso as functional currency.

The estimated price index as of September 30, 2023 was 2,304.92 (1,134.59 as of December 31, 2022) and the conversion factor derived from the indexes for the nine-month period ended September 30, 2023, was 2.03 (1.67 for the nine-month period ended September 30, 2022).

Comparative amounts are the figures presented as current year amounts in the relevant prior year consolidated financial statements, according to IAS 21, considering that they were translated into the currency of a non- hyperinflationary economy.

The ongoing application of the re-translation of comparative amounts to closing exchange rates under IAS 21 and the inflation adjustments required by IAS 29 will lead to a difference because the rate at which the hyper-inflationary currency depreciates against a stable currency is rarely equal to the rate of inflation.

The inflation adjustment and the translation of comparative amounts in the current period is included in Other comprehensive income/(loss) for the period line.

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2	Basis of presentation and accounting policies (Cont.)

Basis of presentation (Cont.)

All items in the Condensed Consolidated Interim Statement of Income and of Comprehensive Income for the nine-month period are restated by applying the relevant conversion factors at the end of the reporting period, as stated in Note 2.W of the Consolidated Financial Statements as of December 31, 2022. According to IAS 29, the three-month period results shown in these Condensed Consolidated Interim Financial Statements have been prepared considering the three-month period results of the subsidiaries in hyperinflationary economies in their functional currency translated into U.S dollars at the closing exchange rate, while prior reported quarterly Condensed Consolidated Interim Statement of Income and of Comprehensive Income in U.S. dollars remain unchanged.

New and amended standards adopted by the Group

The Group has adopted the following accounting standards and interpretations that became applicable for annual period commencing on or after January 1, 2023:

Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8.
Deferred tax related to assets and liabilities arising from a single transaction - Amendment to IAS 12.

The Group did not have to make retrospective adjustments as a result of adopting these standards.

New and amended standards not yet adopted bythe Group

The following accounting standards and interpretations have been published but the application are not mandatory for reporting periods ending December 31, 2023 and have not been early adopted by the Group:

Non-current liabilities with covenants – Amendments to IAS 1.
Lease liability in sale and leaseback – amendments to IFRS 16.
Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28.
International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12
Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7
Lack of exchangeability – Amendments to IAS 21

The Group is currently assessing the impact these standards, amendments or interpretations will have in the current or future reporting periods and on foreseeable future transactions.

3	Segment information

Operating segments are components of an enterprise where separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group’s chief operating decision maker is its Board of Directors. The Group’s operating segments are managed separately because each operating segment represents a strategic business unit providing airport and non-airport services (“others”) to clients in different countries. The Group’s reportable operating segments are the six countries in which the Group currently operates, which are Argentina, Brazil, Uruguay, Armenia, Ecuador and Italy.

Within each reportable segment, the Group develops and operates airport concessions (“Airports”) and provides other services not directly related to airport concessions.

Assets, liabilities and results of sub-holding and/or holding companies are not allocated and are reported within the “Unallocated” column. This column also includes head office and group services.

The elimination of any intersegment revenues and other significant intercompany operations are included in the “Intrasegment Adjustments” column.

The information regarding the Group’s reportable operating segments is consistent with the information presented in Notes 2.V and 4 included in our audited Consolidated Financial Statements for the year ended December 31, 2022 and should be read in conjunction with them.

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3	Segment information (Cont.)

The performance of each reportable segment is measured by its adjusted EBITDA, defined, with respect to each segment, as net income before financial income, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment (“Adjusted EBITDA”). The Adjusted EBITDA does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of the airport concessions.

In addition, the CODM considers each reportable segment’s Adjusted EBITDA before Construction Services margin as a relevant performance measure.

Adjusted EBITDA excluding Construction Services is defined, with respect to each segment, as net income before construction services revenue, financial income, construction services cost, financial loss, inflation adjustment, income tax expense, depreciation and amortization for such segment. The Adjusted EBITDA excluding construction services revenue and construction services cost (which are based on the principles of IFRIC 12) does not exclude the amortization of the intangible asset related to the fixed fee payable to the corresponding governments for the operation of airport concessions.

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3 Segmentinformation (Cont.)

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Intrasegment
For the three-month<br> period ended September 30, 2023	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Adjustments			Unallocated			Total
Aeronautical<br> revenue ^(*)^		111,198			-			12,098			-			16,157			-			29,067			21,402			26,901			-			-			216,823
Non-aeronautical<br> revenue ^(*)^
Commercial revenue		101,083			36			17,002			-			10,726			5,451			52,308			6,737			12,553			(3,140	)		1,048			203,804
Construction service<br> revenue		34,049			-			-			-			10,115			-			705			16			2,147			-			-			47,032
Other revenue		-			-			-			-			7			-			-			-			1,613			(624	)		888			1,884
Cost of services		(158,989	)		(12	)		(20,404	)		-			(23,210	)		(4,157	)		(48,537	)		(16,018	)		(22,984	)		2,786			(3,036	)		(294,561	)
Gross profit / (loss)		87,341			24			8,696			-			13,795			1,294			33,543			12,137			20,230			(978	)		(1,100	)		174,982
Selling, general and administrative<br> expenses		(20,149	)		(23	)		(3,044	)		(9	)		(3,792	)		(615	)		(3,653	)		(4,782	)		(3,460	)		981			(3,015	)		(41,561	)
Impairment loss of non-financial<br> assets		-			-			-			-			-			-			-			-			-			-			-			-
Other operating income		5,199			-			249			-			20			-			110			35			35			-			2			5,650
Other operating expenses		(7,086	)		-			-			-			(108	)		-			(201	)		(5	)		-			(3	)		(11	)		(7,414	)
Operating income / (loss)		65,305			1			5,901			(9	)		9,915			679			29,799			7,385			16,805			-			(4,124	)		131,657
Share of loss in associates		(1	)		-			-			-			-			-			-			-			-			-			-			(1	)
Amortization and depreciation		23,395			-			3,113			-			1,729			293			5,004			1,722			2,716			-			3,117			41,089
Adjusted Ebitda		88,699			1			9,014			(9	)		11,644			972			34,803			9,107			19,521			-			(1,007	)		172,745
Construction services revenue		(34,049	)		-			-			-			(10,115	)		-			(705	)		(16	)		(2,147	)		-			-			(47,032	)
Construction services cost		33,984			-			-			-			10,115			-			685			16			2,342			-			-			47,142
Adjusted Ebitda excluding<br> Construction Services		88,634			1			9,014			(9	)		11,644			972			34,783			9,107			19,716			-			(1,007	)		172,855
Construction services revenue		34,049			-			-			-			10,115			-			705			16			2,147			-			-			47,032
Construction services cost		(33,984	)		-			-			-			(10,115	)		-			(685	)		(16	)		(2,342	)		-			-			(47,142	)
Adjusted Ebitda		88,699			1			9,014			(9	)		11,644			972			34,803			9,107			19,521			-			(1,007	)		172,745
Financial income																																			25,386
Financial loss																																			(66,671	)
Inflation adjustment																																			(19,174	)
Amortization and depreciation																																			(41,089	)
Income before income tax<br> expense																																			71,197
Income tax																																			(18,505	)
Income for the period																																			52,692

^(*)^Mainly includes revenues recognized over time, see Note 4.

- 10 -

3 Segmentinformation (Cont.)

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Intrasegment
For the three-month period ended September 30, 2022	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			adjustments			Unallocated			Total
Aeronautical revenue ^(*)^		89,878			-			9,878			-			10,630			-			20,249			18,638			21,858			-			-			171,131
Non-aeronautical revenue ^(*)^
Commercial revenue		81,634			55			13,655			-			8,487			4,757			51,394			6,449			10,461			(2,601	)		920			175,211
Construction service revenue		42,228			-			-			-			3,358			-			320			1,360			1,342			-			-			48,608
Other revenue		-			-			-			-			3			-			-			-			537			(440	)		440			540
Cost of services		(144,926	)		(17	)		(17,566	)		-			(13,418	)		(3,652	)		(49,641	)		(15,893	)		(22,554	)		2,265			(2,817	)		(268,219	)
Gross profit / (loss)		68,814			38			5,967			-			9,060			1,105			22,322			10,554			11,644			(776	)		(1,457	)		127,271
Selling, general and administrative expenses		(17,434	)		(38	)		(1,978	)		(7	)		(2,829	)		(524	)		(3,374	)		(4,186	)		(5,870	)		775			(2,561	)		(38,026	)
Impairment loss of non-financial assets		-			-			-			-			-			-			-			-			(29	)		-			-			(29	)
Other operating income		4,221			-			2,281			-			11			-			42			1			11			-			-			6,567
Other operating expenses		(2,919	)		-			(18	)		-			(72	)		(2	)		(234	)		(57	)					-			-			(3,302	)
Operating income / (loss)		52,682			-			6,252			(7	)		6,170			579			18,756			6,312			5,756			(1	)		(4,018	)		92,481
Share of loss in associates		(3	)		-			-			-			-			-			-			-			-			-			-			(3	)
Amortization and depreciation		22,107			-			2,793			-			1,503			326			4,698			1,607			2,659			-			2,903			38,596
Adjusted Ebitda		74,786			-			9,045			(7	)		7,673			905			23,454			7,919			8,415			(1	)		(1,115	)		131,074
Construction services revenue		(42,228	)		-			-			-			(3,358	)		-			(320	)		(1,360	)		(1,342	)		-			-			(48,608	)
Construction services cost		42,193			-			-			-			3,358			-			311			1,360			1,095			-			-			48,317
Adjusted Ebitda excluding Construction Services		74,751			-			9,045			(7	)		7,673			905			23,445			7,919			8,168			(1	)		(1,115	)		130,783
Construction services revenue		42,228			-			-			-			3,358			-			320			1,360			1,342			-			-			48,608
Construction services cost		(42,193	)		-			-			-			(3,358	)		-			(311	)		(1,360	)		(1,095	)		-			-			(48,317	)
Adjusted Ebitda		74,786			-			9,045			(7	)		7,673			905			23,454			7,919			8,415			(1	)		(1,115	)		131,074
Financial income																																			10,212
Financial loss																																			(14,683	)
Inflation adjustment																																			(1,975	)
Amortization and depreciation																																			(38,596	)
Income before income tax expense																																			86,032
Income tax																																			(13,185	)
Income for the period																																			72,847

^(*)^Mainly includes revenues recognized over time, see Note 4. ****

- 11 -

3 Segmentinformation (Cont.)

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Intrasegment
For the nine-month period ended September 30, 2023	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Adjustments			Unallocated			Total
Aeronautical revenue ^(*)^		325,581			-			33,701			-			49,279			-			68,057			58,670			54,710			-			-			589,998
Non-aeronautical revenue ^(*)^
Commercial revenue		276,813			144			47,318			-			34,942			15,734			121,119			19,817			30,164			(8,693	)		2,939			540,297
Construction service revenue		107,232			-			-			-			20,462			-			2,307			21			7,550			-			-			137,572
Other revenue		-			-			-			-			16			-			-			-			5,626			(2,834	)		3,096			5,904
Cost of services		(457,785	)		(46	)		(57,514	)		-			(62,516	)		(12,160	)		(117,785	)		(45,356	)		(64,867	)		7,944			(8,936	)		(819,021	)
Gross profit / (loss)		251,841			98			23,505			-			42,183			3,574			73,698			33,152			33,183			(3,583	)		(2,901	)		454,750
Selling, general and administrative expenses		(59,417	)		(92	)		(7,857	)		(30	)		(11,933	)		(1,697	)		(11,635	)		(13,293	)		(9,911	)		3,583			(8,974	)		(121,256	)
Impairment loss of non-financial assets		-			-			-			-			-			-			-			-			(47	)		-			-			(47	)
Other operating income		14,821			1			4,006			-			62			-			286			50			476			-			(2	)		19,700
Other operating expenses		(8,076	)		-			(17	)		-			(310	)		(3	)		(707	)		(21	)		-			-			(11	)		(9,145	)
Operating income / (loss)		199,169			7			19,637			(30	)		30,002			1,874			61,642			19,888			23,701			-			(11,888	)		344,002
Share of loss in associates		(104	)		-			-			-			-			-			-			-			14			-			-			(90	)
Amortization and depreciation		68,060			-			8,929			-			5,431			937			14,756			4,964			7,995			-			9,165			120,237
Adjusted Ebitda		267,125			7			28,566			(30	)		35,433			2,811			76,398			24,852			31,710			-			(2,723	)		464,149
Construction services revenue		(107,232	)		-			-			-			(20,462	)		-			(2,307	)		(21	)		(7,550	)		-			-			(137,572	)
Construction services cost		107,092			-			-			-			20,462			-			2,240			21			5,818			-			-			135,633
Adjusted Ebitda excluding Construction Services		266,985			7			28,566			(30	)		35,433			2,811			76,331			24,852			29,978			-			(2,723	)		462,210
Construction services revenue		107,232			-			-			-			20,462			-			2,307			21			7,550			-			-			137,572
Construction services cost		(107,092	)		-			-			-			(20,462	)		-			(2,240	)		(21	)		(5,818	)		-			-			(135,633	)
Adjusted Ebitda		267,125			7			28,566			(30	)		35,433			2,811			76,398			24,852			31,710			-			(2,723	)		464,149
Financial income																																			55,623
Financial loss																																			(154,908	)
Inflation adjustment																																			(32,996	)
Amortization and depreciation																																			(120,237	)
Income before income tax expense																																			211,631
Income tax																																			(54,500	)
Income for the period																																			157,131
September 30, 2023
Current assets		258,386			45			124,457			16			40,886			7,639			103,140			44,577			76,205			(82,319	)		203,115			776,147
Non-current assets		1,682,414			31			682,852			-			175,521			9,299			161,864			54,198			250,130			(768	)		264,566			3,280,107
Capital Expenditure		107,692			-			1,390			-			22,686			1,996			5,170			3,023			8,323			-			-			150,280
Current liabilities		146,766			13			227,087			-			27,905			5,668			36,449			43,216			133,833			(82,319	)		93,726			632,344
Non-current liabilities		835,119			-			1,024,524			-			50,958			2,044			25,794			8,956			81,500			(768	)		381,732			2,409,859

^(*)^Mainly includes revenues recognized over time, see Note 4.

- 12 -

3 Segmentinformation (Cont.)

	Argentina						Brazil						Uruguay						Armenia			Ecuador			Italy			Intrasegment
For the nine-month period ended September 30, 2022	Airports			Others			Airports			Others			Airports			Others			Airports			Airports			Airports			Adjustments			Unallocated			Total
Aeronautical revenue ^(*)^		243,415			-			26,160			-			31,939			-			44,185			51,075			53,251			-			-			450,025
Non-aeronautical revenue ^(*)^
Commercial revenue		238,625			185			38,663			-			27,108			14,673			104,777			18,371			23,927			(7,820	)		2,538			461,047
Construction service revenue		80,095			-			-			-			5,173			-			817			1,360			4,672			-			-			92,117
Other revenue		-			-			-			-			8			-			-			-			2,894			(1,240	)		1,240			2,902
Cost of services		(381,145	)		(57	)		(52,126	)		-			(35,102	)		(10,826	)		(102,645	)		(41,908	)		(68,741	)		6,920			(8,752	)		(694,382	)
Gross profit / (loss)		180,990			128			12,697			-			29,126			3,847			47,134			28,898			16,003			(2,140	)		(4,974	)		311,709
Selling, general and administrative expenses		(39,260	)		(107	)		(8,405	)		(162	)		(8,867	)		(1,428	)		(9,565	)		(11,842	)		(13,207	)		2,140			(8,459	)		(99,162	)
Impairment loss of non-financial assets		-			-			-			-			-			-			-			-			(34	)		-			-			(34	)
Other operating income		11,923			-			2,169			-			152			-			93			9			(69	)		-			6			14,283
Other operating expenses		(3,547	)		-			(391	)		-			(323	)		(3	)		(583	)		(66	)		-			-			-			(4,913	)
Operating income / (loss)		150,106			21			6,070			(162	)		20,088			2,416			37,079			16,999			2,693			-			(13,427	)		221,883
Share of loss in associates		(22	)		-			-			-			-			-			-			-			(271	)		-			(268	)		(561	)
Amortization and depreciation		68,662			-			8,422			-			4,720			950			12,818			4,830			8,357			-			8,996			117,755
Adjusted Ebitda		218,746			21			14,492			(162	)		24,808			3,366			49,897			21,829			10,779			-			(4,699	)		339,077
Construction services revenue		(80,095	)		-			-			-			(5,173	)		-			(817	)		(1,360	)		(4,672	)		-			-			(92,117	)
Construction services cost		79,965			-			-			-			5,173			-			793			1,360			3,795			-			-			91,086
Adjusted Ebitda excluding Construction services		218,616			21			14,492			(162	)		24,808			3,366			49,873			21,829			9,902			-			(4,699	)		338,046
Construction services revenue		80,095			-			-			-			5,173			-			817			1,360			4,672			-			-			92,117
Construction services cost		(79,965	)		-			-			-			(5,173	)		-			(793	)		(1,360	)		(3,795	)		-			-			(91,086	)
Adjusted Ebitda		218,746			21			14,492			(162	)		24,808			3,366			49,897			21,829			10,779			-			(4,699	)		339,077
Financial income																																			48,039
Financial loss																																			(115,909	)
Inflation adjustment																																			18,501
Amortization and depreciation																																			(117,755	)
Income before income tax expense																																			171,953
Income tax																																			(4,558	)
Income for the period																																			167,395
December 31, 2022
Current assets		213,964			74			100,810			43			33,998			4,887			64,762			53,752			89,098			(60,562	)		146,642			647,468
Non-current assets		1,600,511			30			675,108			-			158,248			8,240			169,030			56,025			255,354			(768	)		266,541			3,188,320
Capital Expenditure		124,214			-			1,953			-			19,958			1,375			5,788			1,842			9,742			-			2			164,874
Current liabilities		226,136			35			211,308			-			19,258			3,131			22,110			47,447			137,057			(60,562	)		70,399			676,319
Non-current liabilities		797,628			-			927,932			-			56,797			1,986			16,949			13,536			99,928			(768	)		383,112			2,297,100

^(*)^Mainly includes revenues recognized over time, see Note 4.

- 13 -

4 Revenue

	For the three-month period <br><br>ended September 30,				For the nine-month period <br><br>ended September 30,
	2023		2022		2023		2022
Aeronautical revenue		216,823		171,131		589,998		450,025
Non-aeronautical revenue
Commercial revenue		203,804		175,211		540,297		461,047
Construction service revenue		47,032		48,608		137,572		92,117
Other revenue		1,884		540		5,904		2,902
		469,543		395,490		1,273,771		1,006,091
Timing of revenue recognition
Over time		350,298		294,788		971,196		750,740
At a point in time		39,575		41,622		89,772		84,100
Revenues accounted for under IFRS 16		79,670		59,080		212,803		171,251
Revenue		469,543		395,490		1,273,771		1,006,091

5 Costof services

	For the three-month period<br><br> ended September 30,						For the nine-month period<br> <br>ended September 30,
	2023			2022			2023			2022
Salaries and social security contributions		(57,894	)		(49,502	)		(167,070	)		(147,854	)
Concession fees ^(1)^		(51,514	)		(42,557	)		(144,685	)		(119,185	)
Construction services cost		(47,142	)		(48,317	)		(135,633	)		(91,086	)
Amortization and depreciation ^(2)^		(39,472	)		(36,819	)		(115,462	)		(112,212	)
Maintenance expenses		(35,955	)		(28,585	)		(98,167	)		(80,815	)
Cost of fuel		(36,663	)		(40,102	)		(85,220	)		(77,734	)
Services and fees		(16,271	)		(15,168	)		(45,556	)		(43,421	)
Office expenses		(3,207	)		(2,490	)		(9,325	)		(6,729	)
Taxes		(865	)		(821	)		(2,771	)		(2,832	)
Provision for maintenance costs		(604	)		(608	)		(2,144	)		(2,432	)
Others		(4,974	)		(3,250	)		(12,988	)		(10,082	)
		(294,561	)		(268,219	)		(819,021	)		(694,382	)

^(1)^ Includes depreciation for fixed concession assets fee of USD 15,437 as of September 30, 2023 (USD 15,357 as of September 30, 2022).

^(2)^ Includes depreciation of leases of USD 2,848 as of September 30, 2023 (USD 2,773 as of September 30, 2022).

- 14 -

Corporación América Airports S.A. Unaudited CondensedConsolidated Interim Financial Statements for the three and nine-month period ended September 30, 2023 and 2022 (amounts in thousandsof U.S. dollars except share data or as otherwise indicated).

6            Selling,general and administrative expenses

	For the three-month period <br><br>ended September 30,						For the nine-month period ended<br><br> September 30,
	2023			2022			2023			2022
Taxes ^(1)^		(13,692	)		(11,974	)		(38,908	)		(34,597	)
Services and fees		(10,601	)		(11,447	)		(30,403	)		(29,681	)
Salaries and social security contributions		(9,602	)		(7,934	)		(28,582	)		(24,016	)
Amortization and depreciation ^(2)^		(1,617	)		(1,777	)		(4,775	)		(5,543	)
Office expenses		(1,513	)		(836	)		(4,485	)		(2,044	)
Insurance		(710	)		(542	)		(2,093	)		(1,711	)
Maintenance expenses		(553	)		(583	)		(1,686	)		(1,466	)
Advertising		(472	)		(489	)		(1,364	)		(1,057	)
Bad debts		(2,015	)		(2,863	)		(5,193	)		(11,267	)
Bad debts recovery		1,317			1,731			2,738			17,195
Other		(2,103	)		(1,312	)		(6,505	)		(4,975	)
		(41,561	)		(38,026	)		(121,256	)		(99,162	)

^(1)^ Mainly includes taxes over bank transactions and tax on revenue not included in the line item “Income tax”.

^(2)^ Includes depreciation of leases of USD 547 as of September 30, 2023 (USD 680 as of September 30, 2022).

7            Otheroperating income

	For the three-month period <br><br>ended September 30,				For the nine-month period <br><br>ended September 30,
	2023		2022		2023		2022
Government grants ^(1)^		5,146		4,198		14,645		11,823
Government subsidies per Covid-19 context ^(2)^		176		1,153		3,726		582
Other		328		1,216		1,329		1,878
		5,650		6,567		19,700		14,283
^(1)^	Corresponds to government grants for the development of airport<br>infrastructure in Group A (operated by AA2000) of the National Airport System in Argentina. There are no unfulfilled conditions or other<br>contingencies attaching to these grants.
---	---
^(2)^	As stated in Note 8 of the Consolidated Financial Statements<br>as of December 31, 2022, due to the impact generated by the pandemic, the Brazilian subsidiaries filed a claim for economic-financial<br>re-equilibrium of its concession contracts. This was possible due to the Brazilian Government recognition that the Covid-19 pandemic<br>is a case of "force majeure" or "fortuitous event" concluding that the loss from the impact of the pandemic is not<br>part of the risks assumed by the private sector and must be compensated by the Federal Government. In view of this, Agência Nacional<br>de Aviação Civil (“ANAC”) defined as a condition for this re-equilibrium the compensation according to the<br>companies’ projected operational result in the scenario without pandemic.
---	---

In December 2022 and 2021, the ANAC approved the extraordinary revision of the Concession Agreements of the Brasília and Natal Airport due to the damages caused by the Covid-19 pandemic in order to reconstitute its economic-financial balance considering a preliminary estimation as of year-end.

In June and July 2023, the final compensatory amount for the year 2022 for the Brasilia and Natal airport was determined, resulting, net of tax, in an increase of USD 3,550 and USD 176, respectively compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2022.

In June and September 2022, the final compensatory amount for the year 2021 for the Natal and Brasilia airport was determined, resulting, net of tax, in a reversal of USD 209 and an increase of USD 1,153 respectively compared to the amount that had initially been estimated and recognized as an Other operating income as of December 31, 2021.

In June 2022, the final amount referring to the compensation granted to Toscana Aeroporti S.p.A. was determined, resulting in a reversal of approximately Eur 339 thousand (equivalent to USD 362).

- 15 -

8            Financialresults, net

	For the three-month period <br><br>ended September 30,						For the nine-month period<br><br> ended September 30,
	2023			2022			2023			2022
Interest income		22,694			8,932			48,130			33,875
Foreign exchange income		905			155			1,434			7,660
Other financial income		1,787			1,125			6,059			6,504
Financial income		25,386			10,212			55,623			48,039
Interest expense		(24,502	)		(31,231	)		(80,399	)		(136,198	)
Foreign exchange loss		(18,009	)		23,422			8,005			104,408
Changes in liability for concessions ^(1)^		(21,756	)		(4,832	)		(75,851	)		(75,995	)
Other financial loss		(2,404	)		(2,042	)		(6,663	)		(8,124	)
Financial loss		(66,671	)		(14,683	)		(154,908	)		(115,909	)
Inflation adjustment		(19,174	)		(1,975	)		(32,996	)		18,501
Inflation adjustment		(19,174	)		(1,975	)		(32,996	)		18,501
Net financial results		(60,459	)		(6,446	)		(132,281	)		(49,369	)

^(1)^ Corresponds mainly to changes in the liabilities of Brazilian concessions due to passage of time and changes in the Brazilian IPCA.

9            Incometax

	For the three-month period <br><br>ended September 30,						For the nine-month period<br><br> ended September 30,
	2023			2022			2023			2022
Current income tax		(13,105	)		(7,052	)		(28,715	)		(17,600	)
Deferred income tax		(5,400	)		(6,133	)		(25,785	)		13,042
		(18,505	)		(13,185	)		(54,500	)		(4,558	)

- 16 -

10          Intangibleassets, net


Cost
Balances at January 1, 2023	4,749,233		9,003		22,658		4,780,894
Acquisitions	141,757		-		817		142,574
Impairment	(47	)	-		-		(47	)
Disposals	(23	)	-		(39	)	(62	)
Other (Note 13)	236		-		-		236
Transfer from property, plant and equipment	1,002		-		-		1,002
Translation differences and inflation adjustment	105,865		(57	)	(18	)	105,790
	4,998,023		8,946		23,418		5,030,387
Depreciation
Accumulated at January 1, 2023	1,800,871		-		20,021		1,820,892
Depreciation of the period	125,356		-		459		125,815
Disposals	(5	)	-		(8	)	(13	)
Translation differences and inflation adjustment	34,989		-		(66	)	34,923
	1,961,211		-		20,406		1,981,617
At September 30, 2023	3,036,812		8,946		3,012		3,048,770
Cost
Balances at January 1, 2022	4,243,258		9,543		22,812		4,275,613
Acquisitions	97,599		-		542		98,141
Impairment	(34	)	-		-		(34	)
Disposals	(505	)	-		-		(505	)
Transfers	(55	)	-		55		-
Transfer of concession assets to the grantor ^(*)^	(7,956	)	-		-		(7,956	)
Transfer to property, plant and equipment	(2	)	-		-		(2	)
Translation differences and inflation adjustment	348,027		(1,303	)	(2,601	)	344,123
	4,680,332		8,240		20,808		4,709,380
Depreciation
Accumulated at January 1, 2022	1,512,731		-		19,911		1,532,642
Depreciation of the period	121,162		-		838		122,000
Disposals	(42	)	-		-		(42	)
Transfers	(4	)	-		4		-
Transfer of concession assets to the grantor ^(*)^	(1,504	)	-		-		(1,504	)
Translation differences and inflation adjustment	134,687		-		(2,585	)	132,102
	1,767,030		-		18,168		1,785,198
At September 30, 2022	2,913,302		8,240		2,640		2,924,182

^(*)^ As stated in Note 12 of the Consolidated Financial Statements for the year ended December 31, 2022, on March 1, 2022, the operations of the Aeronautical and Air Traffic Telecommunications Service Provider Station and the Airport Control Tower of Inframérica Concessionaria do Aeroporto São Gonçalo do Amarante S.A were transferred to the Airspace Control Department, representing a net value of R$ 33.7 million (equivalent to approximately USD 7.1 million). As of September 30, 2023, the compensation estimated to be received regarding the concession assets transferred is equivalent to approximately USD 6.7 million (equivalent to approximately USD 6.5 million as of December 31, 2022) and is included in Other Receivables within Non-Current assets of the Condensed Consolidated Interim Statement of Financial Position.

Due to the increase of traffic witnessed during 2022 and 2023 across all countries, the Group has not identified impairment indicators except in the Brazilian segment due to the losses from its operations.

- 17 -

10          Intangibleassets, net (Cont.)

Therefore, the Group performed the impairment test of the Brazilian segment (including concession assets with a carrying value of USD 697.4 million as of September 30, 2023) based on cash flow projections covering the remaining concessions periods (value in use), considering certain assumptions that required management judgment combined with historical information such as passenger growth rates, fees, future operating expenses and discount rate.

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs) of a subsidiary or group of subsidiaries that are expected to benefit from such business combination.

As of September 30, 2023 and 2022, the recoverable amount of the aforementioned CGU´s exceed their respective carrying amount.

11          Cashand cash equivalents

	At September 30, 2023
Cash to be deposited		855	568
Cash at banks		200,704	255,743
Time deposits		39,049	12,474
Other cash equivalents ^(1)^		228,332	116,480
		468,940	385,265
^(1)^	Mainly includes bank deposit certificates with immediate liquidity, treasury bills and highly liquid investments<br>in mutual funds.
---	---

The Group considers that its cash and cash equivalents have low credit risk based, mainly, on the external credit ratings of the counterparties.

As of September 30, 2023, cash and cash equivalents includes restricted cash on deposit as collateral for a total amount of USD 6,044 (USD 4,843 as of December 31, 2022).

12          Borrowings


Non-current
Bank and financial borrowings (**)	322,632	353,740
Notes (*)	947,291	933,681
	1,269,923	1,287,421
Current
Bank and financial borrowings (**)	124,841	125,164
Notes (*)	26,992	52,852
Bank overdrafts	2,570	-
	154,403	178,016
Total Borrowings	1,424,326	1,465,437

- 18 -

12          Borrowings(Cont.)

Changes in borrowings during the period is as follows:

	Forthe nine-month period endedSeptember 30,
	2023			2022
Balances at the beginning of the period		1,465,437			1,439,603
Loans obtained		91,438			352,149
Loans repaid		(143,528	)		(252,542	)
Interest paid		(72,236	)		(81,400	)
Accrued interest for the period		74,880			89,066
Debt renegotiation expenses capitalization		(165	)		(1,782	)
Translation differences and inflation adjustment		8,500			(54,999	)
Balances at the end of the period		1,424,326			1,490,095

The maturity of borrowings is as follows:

	1 year or less		1 - 2 years		2 – 5 years		Over 5 years		Total
At September 30, 2023 ^(1)^		244,357		340,675		562,092		787,753		1,934,877
At December 31, 2022 ^(1)^		278,427		252,961		622,876		895,887		2,050,151

^(1)^The amounts disclosed in the table are undiscounted cash flows of principal and estimated interest. Variable interest rate cash flows have been estimated using variable interest rates applicable at the end of the reporting period.

- 19 -

12 Borrowings(Cont.)

(*) Notes include the following as of September 30, 2023:

Company	Note	Issuance	Currency	Maturity	Interest<br> rate
ACI Airport Sudamérica<br> S.A.U. (“ACI”)	Senior<br> secured guarantee notes	Nov-2021		Nov-2034	Fixed<br> 6.875%
	Senior secured<br> guarantee notes	May-2015,<br> May-2020 ^(1)^		Nov-2032	Fixed<br> 6.875%
Corporación América<br> Italia S.p.A. (“CAI”)	Secured notes	Jan-2020	Euros	Dec-2024	Fixed<br> 4.556%
	Senior secured<br> guarantee notes	Feb-2017,<br> May-2020 ^(1)^		Feb-2027	Fixed<br> 6.875%
		Oct-2021		Aug-2031	Fixed<br> 8.500%
	Class 1<br> Series 2021 Notes	Nov-2021		Aug-2031	Fixed<br> 8.500%
	Class 4<br> Notes	Nov-2021		Nov-2028	Fixed<br> 9.500%
	Class 5<br> Notes	Feb-2022	(2)	Feb-2032	Fixed<br> 5.500%
Aeropuertos Argentina 2000 S.A. (“AA2000”)	Class 6<br> Notes	Feb-2022	(2)	Feb-2025	Fixed<br> 2.000%
	Class 7<br> Notes	July-2022	(2)	July-2025	Fixed<br> 0.000%
	Class 9<br> Notes	Aug-2022	(2)	Aug-2026	Fixed<br> 0.000%
		July-2023	(2)	Aug-2026	Fixed<br> 0.000%
	Class 10<br> Notes	July-2023	(2)	July-2025	Fixed<br> 0.000%
Total

All values are in US Dollars.

(1)	A partial exchange of the notes initially issued was performed<br>during 2020 and 2021, which is detailed below
(2)	These notes are dollar-linked, denominated in U.S. dollars but<br>issued and paid in Argentine pesos

(*) Notes include the following as of December 31. 2022:

Company	Note	Issuance	Currency	Maturity	Interest<br> rate
ACI	Senior<br> secured guarantee notes	Nov-2021		Nov-2034	Fixed<br> 6.875%
	Senior<br> secured guarantee notes	May-2015,<br> May-2020 ^(1)^		Nov-2032	Fixed<br> 6.875%
CAI	Secured<br> notes	Jan-2020	Euros	Dec-2024	Fixed<br> 4.556%
	Senior<br> secured guarantee notes	Feb-2017,<br> May-2020 ^(1)^		Feb-2027	Fixed<br> 6.875%
		Oct-2021		Aug-2031	Fixed<br> 8.500%
	Class 3<br> Notes	Sept-2021	(2)	Sept-2023	Fixed<br> 4.000%
	Class 1<br> Series 2021 Notes	Nov-2021		Aug-2031	Fixed<br> 8.500%
AA2000	Class 4<br> Notes	Nov-2021		Nov-2028	Fixed<br> 9.500%
	Class 5<br> Notes	Feb-2022	(2)	Feb-2032	Fixed<br> 5.500%
	Class 6<br> Notes	Feb-2022	(2)	Feb-2025	Fixed<br> 2.000%
	Class 7<br> Notes	July-2022	(2)	July-2025	Fixed<br> 0.000%
	Class 9<br> Notes	Aug-2022	(2)	Aug-2026	Fixed<br> 0.000%
Total

All values are in US Dollars.

(1)	A partial exchange of the notes initially issued was performed<br>during 2020 and 2021, which is detailed below
(2)	These notes are dollar-linked, denominated in U.S. dollars but<br>issued and paid in Argentine pesos
-	ACI Senior Secured Guarantee Notes (“ACI<br> Existing Notes”) are guaranteed and have a security package that includes the pledge<br> of the shares in Puerta del Sur S.A. (“PDS”) and Cerealsur S.A., and certain<br> accounts of Cerealsur S.A. and ACI. As of September 30, 2023 and December 31, 2022,<br> they were secured by a debt service reserve account of ACI and the funds contained therein.<br> These notes are fully and unconditionally guaranteed by Cerealsur S.A. and PDS.
---	---

On May 26, 2020, ACI issued USD 180.9 million aggregate principal amount of 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032 to repurchase and exchange 93.6% of the total original principal amount of the ACI Existing Notes. The main covenants and guarantees remain unchanged except for the incorporation of ACI’s shares pledge.

On November 12, 2021, ACI issued USD 246.2 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2034 (the “New Notes”) consolidating the repurchase and exchange of 40.62% of the total original principal amount of the Series 2015 Notes, 96.43% of the total original amount of the Series 2020 Notes and a new money offering of USD 52.9 in a private transaction under the same terms as the New Notes. The main guarantees remain unchanged while the covenants over ACI Existing Notes were eliminated; an Interest payment account was funded with a portion of the proceeds of the issuance of the New Notes, amounting as of September 30, 2023, USD 4.4 million (USD 12.9 million as of December 31, 2022) and a stand by letter was issued by Goldman Sachs Bank for USD 8.5 million which remains in force as of September 30, 2023.

- 20 -

12 Borrowings(Cont.)

-	The Italian Notes are secured by an economic<br> first ranking pledge in respect of all the shares representing 100% of the share capital<br> of CAI, 100% of the share capital of Dicasa Spain S.A.U. and the shares representing CAI’s<br> holding in TA.

The main covenants are limitations to take on additional indebtedness, make payments of dividends and other payments that are specifically restricted, selling assets as well as requiring compliance with certain financial ratios. In December 2022, it has been granted a waiver of any default as a result of the testing of the financial ratios in respect of the calculation dates falling on December 31, 2022 and June 30, 2023.

-	The Senior guarantee notes of AA2000 (“AA2000<br> Existing Notes”) are secured by a collateral assignment of fiduciary rights of certain<br> revenue of AA2000.

The main covenants require compliance with certain financial ratios as well as restriction to incur additional debt and limitations on the payments of dividends if any default, whether declared or not, has occurred.

On May 20, 2020, AA2000 issued USD 306 million aggregate principal amount of Class I Series 2020 Additional Senior Secured Notes due 2027 (the “Series 2020 Additional Notes”) in exchange of 86.73% of the total original principal amount of AA2000 Existing Notes. The collateral assignment of revenue under AA2000 Existing Notes was extended to the Series 2020 Additional Notes in equal terms. Accrued interest are capitalized quarterly. The main covenants and guarantees remain unchanged.

On October 28, 2021, AA2000 issued USD 208.9 million aggregate principal amount of 8.5% Class I Series 2021 Additional Senior Secured Notes due 2031 (the “Series 2021 Notes”) to repurchase and exchange 24.61% of the total original principal amount of the Series 2017 Notes and 66.83% of the original principal amount of Series 2020 Additional Notes. The main covenants and guarantees remain unchanged. As of September 30, 2023, AA2000 is in compliance with the covenants.

The Series 2021 Notes and the Existing Notes not exchanged are secured by the collateral currently securing the Existing Notes on a pro rata and pari passu basis. In addition, to secure its obligations under the Series 2021 Notes, AA2000, together with the relevant parties thereto, amended the cargo trust agreement dated August 9, 2019, entered into by AA2000 and the trustee (as amended, the “Cargo Trust”) in order to include holders of Series 2021 Notes as beneficiaries therein, granting them a security interest which is subordinated to (i) the rights of creditors under certain existing loans of AA2000, and (ii) any debt permitted to be incurred to finance or refinance any capital expenditures made or to be made pursuant to the concession agreement entered into by AA2000 with the Argentine National Government (as amended form time to time, the “Concession Agreement”) for the operation of the airports in Argentina.

Once the Existing Notes not exchanged in the Exchange Offer mature or are cancelled in full, AA2000 is required to amend and restate the Cargo Trust and the current trust related to the tariffs dated January 19, 2017, entered into by AA2000 and the trustee thereto (the “Tariffs Trust”), so that the Series 2021 Notes become secured under the Cargo Trust on a pro rata and pari passu basis with the existing beneficiaries of the Cargo Trust, and these beneficiaries in turn become secured under the Tariffs Trust on a pro rata and pari passu basis with the Series 2021 Notes. In accordance with the Concession Agreement, the collateral assignment of revenue must be authorized by ORSNA. ORSNA approved, on October 15 2021, the amendment of the Tariffs Trust and of the Cargo Trust to include the Series 2021 Notes as beneficiaries thereto (including their future amendment and restatement, once the Existing Notes are cancelled in full). Furthermore, AA2000 received the approval from the Central Bank of Argentina to establish a non-interest bearing U.S. dollar trust account in the United States to secure the Series 2021.

On November 4, 2021 AA2000 additionally issued USD 62 million aggregate principal amount of Class 4 Senior Secured Notes. The Senior Secured Notes are secured by a first priority lien on the Cargo Trust on a pari passu basis with certain commercial bank lenders to AA2000 and a second priority lien with new debt incurred by AA2000 to fund infrastructure works for a total amount of up to USD 235 million.

In July, 2023, AA2000 issued additional Class 9 Dollar-linked Notes, for a total amount of USD 2.7 million. The main covenants and guarantees remain unchanged. Furthermore, AA2000 issued USD 25.0 million aggregate principal amount of Class 10 Dollar-linked Notes to repurchase and exchange 90.6% of the total original principal amount of the Series 3 Notes.

- 21 -

12 Borrowings(Cont.)

(**) As of September 30, 2023, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
					(In millions of USD)	Capitalization^(2)^
Inframérica<br> Concessionária do<br><br> <br>Aeroporto de São Gonçalo<br> do Amarante S.A. (“ICASGA”)	BNDES	R$	Sept-2032	Variable	TJLP^(1)^ plus<br> spread	6.5	A
	BNDES	R$	June-2032	Variable	T.R.<br> plus spread plus IPCA	1.7
	BNDES	R$	Sept-2032	Variable	T.R.<br> plus spread plus IPCA	4.6
	BNDES	R$	July-2032	Variable	T.R.<br> plus spread plus IPCA	2.2
Inframérica<br> Concessionária do<br><br> <br>Aeroporto de Brasilia S.A. (“ICAB”)	BNDES	R$	Dec-2033	Variable	TJLP^(1)^ plus<br> spread	209.8	A
Terminal<br> Aeroportuaria Guayaquil S.A. (“TAGSA”)	Banco<br> Guayaquil SA	USD	Feb-2026	Variable	T.R.E.^(3)^ plus<br> spread	4.6	D
	Banco<br> Guayaquil SA	USD	Dec-2025	Variable	T.R.E.^(3)^ plus<br> spread	1.6	D
	Banco<br> Bolivariano CA	USD	Dec-2025	Variable	T.R.E.^(3)^ plus<br> spread	4.0	D
	Banco<br> Bolivariano CA	USD	Nov-2024	Variable	T.R.E.^(3)^ plus<br> spread	2.3	D
Terminal<br> de Cargas Uruguay S.A. (“TCU”)	Scotiabank<br> Uruguay	USD	Oct-2024	Fixed	4.30%	0.6	D
	Scotiabank<br> Uruguay	USD	Feb-2026	Fixed	4.30%	0.6	D
	Santander<br> Uruguay	USD	Nov-2027	Fixed	5.37%	1.0	D
	Santander<br> Uruguay	USD	Jan-2028	Fixed	5.37%	1.0	D
Toscana<br> Aeroporti S.p.A. (“TA”)	Banco<br> de Innovación de Infraestructuras y Desarrollo	Euro	Sept-2027	Variable	Euribor<br> 6 month plus spread	12.3	D
	BPM	Euro	Dec-2023	Fixed	1.65%	0.1	D
	Unicredit	Euro	Dec-2023	Variable	Euribor<br> 3 month plus spread	10.1	D
	BNL	Euro	Nov-2023	Fixed	5.35%	5.4	D
	ISP-SACE	Euro	Sept-2026	Variable	Euribor<br> 3 month plus spread	64.0	D
	BPM	Euro	June-2024	Variable	Euribor<br> 3 month plus spread	0.1	D
	BPM	Euro	Feb-2024	Variable	Euribor<br> 3 month plus spread	3.8	D
	MPS<br> Servicio capital	Euro	Mar-2024	Variable	Euribor<br> 6 month plus spread	11.7	D
	Banca<br> Intesa San Paolo	Euro	Dec-2023	Fixed	6.10%	11.6	D
Armenia<br> International Airports C.J.S.C. (“AIA”)	Ameriabank<br> C.J.S.C.	Euro	Dec-2025	Fixed	6.00%	42.9	B
Aeropuertos<br> del Neuquén S.A. (“ANSA”)	Banco<br> Macro	ARS	Nov-2024	Variable	BADLAR<br> plus spread	0.5	A
Aeropuertos<br> Argentina 2000 S.A.(“AA2000”)	Banco<br> de la Provincia de Buenos Aires	USD	July-2024	Fixed	7.00%	0.5	D
	Onshore<br> renegotiation - ICBC	USD	Nov-2024	Fixed	8.50%	11.2	A
	ICBC<br> Dubai	USD	Oct-2025	Variable	SOFR<br> plus spread	10.2	B
	ICBC	USD	Jan-2024	Fixed	15.50%	0.5	D
	ICBC	USD	Dec-2024	Fixed	15.50%	0.1	D
	Banco<br> Ciudad	USD	Nov-2023	Fixed	6.00%	2.0	B
Consorcio<br> Aeropuertos Internacionales S.A. (“CAISA”)	Santander<br> Uruguay	USD	Apr-2027	Fixed	5.10%	5.5	B
	Banco<br> Itaú	USD	Apr-2027	Fixed	3.80%	5.5
Puerta<br> del Sur S.A. (”PDS”)	Banco<br> de la República Oriental del Uruguay	USD	Mar-2028	Variable	6.08%	9.0	C
Total						447.5

- 22 -

12 Borrowings(Cont.)

(**) As of December 31, 2022, significant bank and financial borrowings include the following:

Company	Lender	Currency	Maturity	Interest Rate		Outstanding
					(In millions of USD)	Capitalization^(2)^
ICASGA	BNDES	R$	Sept-2032	Variable	TJLP^(1)^ plus<br> spread	6.4	A
	BNDES	R$	June-2032	Variable	T.R.<br> plus spread plus IPCA	1.8
	BNDES	R$	Sept-2032	Variable	T.R.<br> plus spread plus IPCA	5.5
	BNDES	R$	July-2032	Variable	T.R.<br> plus spread plus IPCA	1.7
ICAB	BNDES	R$	Dec-2033	Variable	TJLP^(1)^ plus<br> spread	208.3	A
	Votorantim	R$	Mar-2023	Variable	CDI<br> plus spread	0.8	C
TAGSA	Banco<br> Guayaquil SA	USD	Feb-2026	Variable	T.R.E.^(3)^ plus<br> spread	5.9	D
	Banco<br> Guayaquil SA	USD	Dec-2025	Variable	T.R.E.^(3)^ plus<br> spread	2.1	D
	Banco<br> Bolivariano CA	USD	Dec-2025	Variable	T.R.E.^(3)^ plus<br> spread	5.4	D
	Banco<br> Bolivariano CA	USD	Nov-2024	Variable	T.R.E.^(3)^ plus<br> spread	3.6	D
TCU	Santander<br> Uruguay	USD	Apr-2023	Fixed	4.40%	0.2	D
	Scotiabank<br> Uruguay	USD	Oct-2024	Fixed	4.30%	1.0	D
	Scotiabank<br> Uruguay	USD	Feb-2026	Fixed	4.30%	0.8	D
	Santander<br> Uruguay	USD	Nov-2027	Fixed	5.37%	1.0	D
TA	Banco<br> de Innovación de Infraestructuras y Desarrollo	Euro	Sept-2027	Variable	Euribor<br> 6 month plus spread	15.5	D
	BPM	Euro	Dec-2023	Fixed	1.65%	0.1	D
	Unicredit	Euro	Mar-2023	Variable	Euribor<br> 3 month plus spread	10.1	D
	BNL	Euro	May-2023	Fixed	3.76%	5.4	D
	ISP-SACE	Euro	Sept-2026	Variable	Euribor<br> 3 month plus spread	85.1	D
	BPM	Euro	June-2023	Variable	Euribor<br> 3 month plus spread	0.1	D
	BPM	Euro	June-2024	Variable	Euribor<br> 3 month plus spread	0.2	D
	BPM	Euro	Jan-2023	Variable	Euribor<br> 3 month plus spread	3.8	D
	MPS<br> Servicio capital	Euro	Mar-2023	Fixed	1.86%	11.8	D
	Banca<br> Intesa San Paolo	Euro	Mar-2023	Fixed	1.60%	11.9	D
AIA	Ameriabank<br> C.J.S.C.	Euro	Dec-2025	Fixed	6.00%	21.1	B
ANSA	Banco<br> Macro	ARS	Nov-2024	Variable	BADLAR<br> plus spread	1.2	A
AA2000	Banco<br> de la Provincia de Buenos Aires	USD	July-2024	Fixed	7.00%	0.8	D
	Onshore<br> renegotiation	ARS	Nov-2024	Variable	BADCOR<br> plus spread	8.0	A
	Onshore<br> renegotiation - ICBC	USD	Nov-2024	Fixed	8.50%	17.8	A
	Citibank<br> N.A. ^(4)^	USD	Feb-2023	Variable	SOFR<br> plus spread	2.4	A
	Offshore<br> renegotiation	ARS	Nov-2024	Variable	BADCOR<br> plus spread	1.6	A
	ICBC<br> Dubai	USD	Oct-2025	Variable	SOFR<br> plus spread	10.2	B
	Banco<br> Ciudad	USD	Nov-2023	Fixed	6.00%	3.5	B
CAISA	Santander<br> Uruguay	USD	Apr-2027	Fixed	5.10%	6.9	B
	Banco<br> Itaú	USD	Apr-2027	Fixed	3.80%	6.9
PDS	Banco<br> de la República Oriental del Uruguay	USD	Mar-2028	Variable	7.03%	10.0	C
Total						478.9
^(^^1)^	TJLP - Taxa de Juros de Longo Prazo (Brazilian Long term interest<br>rate)
---	---

IPCA: corresponds to the Brazilian Consumer Price index

^(^^2)^	A - Secured/guaranteed

B - Secured/unguaranteed

C - Unsecured/guaranteed

D - Unsecured/unguaranteed

ARS

Argentine Pesos

R$ - Brazilian Reales

^(^^3)^	T.R.E - Tasa Referencial Ecuador (Ecuadorian reference interest<br>rate)
^(^^4)^	Comprises loans with Industrial and Commercial Bank of China<br>(Argentina) S.A., Banco Galicia and Buenos Aires S.A.U., Banco Santander Río S.A. (“the onshore credit facility”)<br>and Citibank N.A. (“the offshore credit facility”).
---	---

- 23 -

12 Borrowings(Cont.)

The Credit Facility Agreement between ICASGA and the Banco Nacional do Desenvolvimento Econômico e Social (“BNDES”) is secured by the pledge of the shares of ICASGA, together with any dividends and distributions in connection therewith, as well as the fiduciary assignment of rights arising under the Natal Airport concession agreement and certain letters of guarantees issued by indirect shareholders and affiliates of ICASGA. It also establishes a required pre-authorization by BNDES on payments of ICASGA dividends if exceeding 25% of net profits.

The Credit Facility Agreement between ICAB and BNDES is secured by the pledge of ICAB and Inframérica Participaçoes S.A. shares, the fiduciary assignment of rights arising under the Brasilia airport concession agreement and letters of guarantee issued by indirect shareholders and affiliates of ICAB. It also establishes under certain circumstances a required pre-authorization by BNDES on payments of ICAB dividends if exceeding 25% of net profits and compliance of certain financial ratios.

Also ACI Airports S.à r.l. and CAAP agreed not to create any encumbrances on their shares in Inframérica, and not to sell, acquire, merge or spin-off assets or undertake any other action that results or that may result in a change in the current corporate structure of Inframérica or any change of control in Inframérica, without the prior consent of BNDES. ACI Airports S.à r.l. has agreed not to undertake any change of control in CAAP without the prior consent of BNDES. In addition, ACI Airports S.à r.l. has agreed to maintain a minimum credit rating (the “Minimum Rating”) or a stand-alone rating (without including the sovereign rating) of at least B-/B3, being in compliance as of September 30, 2023.

As of June 30, 2023, ICAB did not meet one of the obligations set forth in the financing agreement with BNDES, regarding the payment of the variable concession fee and consequently, this resulted in the reclassification of non-current installments for a total amount of USD 206 million to current, due to the requirements of said agreement.

On August 15, 2023, a formal letter with ANAC, informing that payment of the variable concession fee was made through the application of Covid-19 re-equilibrium credits, which ICAB has registered as a right according to Note 7. With the compensation of the debt with the existing credits, ICAB complies with its obligations under BNDES agreement and, therefore, as of September 30, 2023 the balance is reclassified as long-term liability.

In December 2022, AIA entered into a new loan agreement with Ameriabank C.J.S.C. for up to Eur 40 million of which Eur 20 million were disbursed in December 2022, while the remaining Eur 20 million were disbursed in April, 2023. This agreement provides restrictions regarding payments, taking on additional indebtedness, disposal of assets and transactions with affiliates, and the maintenance of certain financial ratios. According to this agreement, these ratios must be met as of June 30 and December 31 of each year the loan is outstanding, being met as of June 30, 2023.

As of September 30, 2023, AIA pledged to the security agent cash held in bank accounts for USD 66,974 (USD 38,511 as of December 31, 2022). Additionally, the loan is secured by the pledge of shares of AIA and of certain collection rights.

-	TA, pursuant to the loan agreement with Banco<br> de Innovación de Infraestructuras y Desarrollo/MPS Servicio Capital is required to<br> comply with certain financial ratios. In December 2022, TA has been granted a waiver<br> of any default related to the breach of financial ratios covenants as of December 31,<br> 2022. The next testing date is December 31, 2023.

On November 6, 2020, Eur 85 million of proceeds were disbursed to TA under a loan signed with a pool of leading financial institutions comprising Intesa Sanpaolo and BNL-BNP Paribas. The loan is 90% backed by SACE guarantees pursuant to the provisions of Decree-Law No. 23/2020 within the framework of the programme “Garanzia Italia”, an Italian guarantee scheme intended to support Italian companies affected by the Covid-19 crisis. The loan has a term of six years, with a two-year grace period and TA is required to comply with certain financial covenants and restrictions.

-	ANSA loan with Banco Macro is secured with<br> a guarantee letter of Corporación América S.A. In addition, ANSA entered into<br> an assignment of collection rights agreement in favor of Banco Macro.

- 24 -

12 Borrowings(Cont.)

On August 9, 2019, AA2000 entered into two credit facility agreements: (a) the onshore credit facility agreement, by and among AA2000, as borrower, Banco Galicia and Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. (“ICBC”) and Banco Santander Río S.A., as lenders (collectively, the “Lenders”), Citibank N.A. (“Citibank”), as administrative agent and Citibank Argentina, as local collateral agent, local disbursement agent and local paying agent, for an aggregate principal amount of USD 85 million and (b) the offshore credit facility agreement, by and among AA2000, as borrower, Citibank acting through its international banking facility, as lender, Citibank N.A., as administrative agent and Citibank Argentina as local collateral agent and local custodian agent for an aggregate principal amount of USD 35 million (collectively, the “2019 Credit Facilities”).

To secure its obligations under the two credit facility agreements, pursuant to the Argentine Collateral Trust Agreement dated August 9, 2019 (under Argentine law), AA2000 transferred and assigned to the collateral trustee, acting on behalf of the Trust, for the benefit of the Lenders, acting as the beneficiaries, all: (a) rights, title and interest in, to and under each payment of the cargo airport charges payable by the user of such services in connection with all proceeds derived from export and import services carried out by Terminal de Cargas Argentina (a business unit of AA2000); and (b) any residual amount that AA2000 could be entitled to receive pursuant to article 11.4 of the collateral trust agreement dated January 17, 2017, entered into AA2000 and Citibank, in respect of the rights to receive payment in the event of a termination, expropriation or redemption of the concession agreement entered by and between the National Government and AA2000 on February 9, 1998 and approved by Decree No. 163/1998; including the right to receive and withhold all the payments pursuant to them and any other produced by them, assigned in trust to secure the Existing Notes issued by AA2000.

During 2020 and 2021, AA2000 entered into framework amendments (“Framework Agreement”) and extension agreements with the financial institutions with respect to the above loans, including the extension of the final maturity. Additionally, under the Framework Agreement, AA2000 signed bilateral contracts with each of the financial institutions and signed an amendment to the aforementioned agreement where the obligation to comply with certain ratios foreseen in the 2019 Credit Facilities has been waived.

Additional loans in ARS have been obtained to pay the installment during 2020 and 2021 of the renegotiated 2019 Credit Facilities agreement. All these loans were in ARS accruing quarterly interests at a variable rate.

On November 18, 2021, AA2000 agreed with the Lenders the granting of a bimonetary loan in order to prepay the loans from the Framework Agreement. The loans are secured by the Argentine Collateral Trust Agreement. Disbursements were made in November and December 2021, both in USD (Onshore renegotiation – ICBC) and in ARS (Offshore renegotiation) for USD 10 million and ARS 3,944 million (equivalent to USD 22.3 million) respectively. During 2022 disbursements under the bimonetary loan were granted and used to offset the installments of the Framework Agreement for ARS 3,682.0 million (equivalent to USD 20.8 million) and for USD 7.8 million. Additionally, prepayments of the bimonetary loans in ARS were made during 2022 for ARS 6,085.0 million (equivalent to USD 34.3 million).

In March 2023, AA2000 obtained a bank overdraft from Citibank N.A. and prepaid the bimonetary loan in ARS, for ARS 1,350.5 million (equivalent to USD 6.5 million). The outstanding balance is to be repaid in an installment of ARS 192.9 million (equivalent to USD 0.9 million) in November 2023 and a final installment of ARS 771.7 million (equivalent to USD 3.7 million) to be made in March 2024.

On November 1, 2021, AA2000 signed a new loan agreement with Banco de la Ciudad de Buenos Aires for USD 5 million. Its principal amortizes 30% after twelve and eighteen months, and the remaining 40% after twenty-four months. It is secured by assigned revenues from certain commercial contracts.

On July 29, 2022, AA2000 obtained a loan from Industrial and Commercial Bank of China, Dubai branch. The loan will be repaid in three installments to be made in April, July and October 2025. The loan is secured by a first priority lien on the income generated in the cargo terminal on a pari passu basis with certain commercial bank lenders to AA2000 and the Class 4 Notes, and a second priority lien on the international and regional air station usage fees and concession compensation rights.

In September 2023, AA2000 obtained two loan of USD 0.5 million and USD 0.1 million from ICBC repayable in single installments in January and December 2024 respectively.

- 25 -

12 Borrowings(Cont.)

-	CAISA pursuant to the credit<br> facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply<br> with certain financial ratios as well as certain restrictions. Assignment of certain revenues<br> has been given to secure the aforementioned credit facilities.
-	On April 16, 2021,<br> PDS obtained a loan of USD 10 million with Banco de la República Oriental del Uruguay<br> (BROU) accruing interest at a variable rate set by BROU. This loan is repayable in 60 monthly<br> installments starting on April 2023 and is secured by a guarantee issued by CAAP and<br> by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD<br> 1.5 million guaranteed by Corporación America Sudamericana S.A.
---	---

CAISA pursuant to the credit facilities with Banco Santander S.A. and Banco Itaú Uruguay S.A. is required to comply with certain financial ratios as well as certain restrictions. Assignment of certain revenues has been given to secure the aforementioned credit facilities.

On April 16, 2021, PDS obtained a loan of USD 10 million with Banco de la República Oriental del Uruguay (BROU) accruing interest at a variable rate set by BROU. This loan is repayable in 60 monthly installments starting on April 2023 and is secured by a guarantee issued by CAAP and by a stand by letter issued by Morgan Stanley Private Bank, National Association for USD 1.5 million guaranteed by Corporación America Sudamericana S.A.

---

As of September 30, 2023, the Company and its subsidiaries are in compliance with the financial covenants under outstanding financings.

13 Otherliabilities


Non-current
Concession<br> fee payable ^(1)^	798,225	700,395
Advances from customers	12,978	13,910
Provisions<br> for legal claims ^(4)^	8,983	9,712
Provision<br> for maintenance costs ^(2)^	19,899	19,079
Other taxes payable	283	508
Employee<br> benefit obligation ^(3)^	4,426	4,376
Salary payable	306	286
Other liabilities with related parties (Note 16)	1,429	1,382
Other payables	17,351	18,735
	863,880	768,383
Current
Concession<br> fee payable ^(1)^	221,821	228,614
Other taxes payable	16,859	17,288
Salary payable	46,052	46,061
Other liabilities with related parties (Note 16)	4,429	1,121
Advances from customers	5,507	5,098
Provision<br> for maintenance costs ^(2)^	4,568	3,835
Expenses provisions	1,622	2,413
Provision<br> for legal claims ^(4)^	3,487	3,424
Other payables	36,271	49,224
	340,616	357,078

Maturity of the other liabilities is as follows:

	1 year or less	1 - 2 years	2 - 5 years	Over 5<br> years		Total
At September 30, 2023	340,616	91,808	274,291		1,364,230		2,070,945
At December 31, 2022	357,078	88,255	263,318		1,549,369		2,258,020

- 26 -

13 Otherliabilities (Cont.)

^(1)^ The most significant amounts included in the concession fee payable relate to the concession agreement between The Brazilian National Civil Aviation Agency – ANAC and Inframérica Concessionária do Aeroporto de Brasilia S.A. and Inframérica Concessionária do Aeroporto de São Gonçalo do Amarante S.A.

Changes in the period of the concession fee payable are as follows:

	For the nine-month period<br><br> <br>ended September 30,
	2023			2022
Balances at the beginning of the period		929,009			825,034
Financial<br> result ^(*)^		78,471			85,206
Re-equilibrium adjustment compensation		(4,269	)		(1,153	)
Other		36			(664	)
Concession fees		129,248			103,828
Payments		(136,829	)		(129,143	)
Translation differences and inflation adjustment		24,380			637
Balances at the end of the period		1,020,046			883,745

^(*)^Mainly includes changes in the liabilities of Brazilian concessions due to passage of time and inflation adjustment shown in Note 8.

As of September 30, 2023 and December 31, 2022, a 50% of the fixed concession fee to be paid in 2021 by ICAB was pending as a re-scheduling of such fee was requested. Even though, the Brazilian Ministry of Infrastructure had granted its approval, ANAC denied ICAB’s request, and initiated administrative proceedings with a view to declaring ICAB in default of its payment obligations. Therefore, ICAB initiated a judicial procedure and, on February 2, 2022, a writ of mandamus was granted by a Federal judge suspending any act or enforceability in connection with the unpaid portion of the concession fee due to ANAC. ANAC appealed, but in April 2022, the court of justice provisionally maintained the first instance judgment favorable to ICAB. Although there can be no assurance as to the outcome of the proceedings, ICAB believes that based on the opinion of the ICAB’s external legal advisors, it is not likely that the writ of mandamus is rescinded by the justice.

Regarding the 2022 fixed concession fee a partial payment of R$ 81.6 million (equivalent to USD 15 million) was made through the application of re-equilibrium credits in 2022. To pay the remaining amount ICAB presented on November 21, 2022 to the Ministry of Infrastructure, an offer of precatorios, which is still in process of analysis. In December 2022, the Ministry issued an official letter confirming that, during the time it takes to issue a final opinion, ICAB is in compliance with its obligations.

^(2)^	Changes<br> in the period of the provision for maintenance costs is as follows:
	For the nine-month period<br><br> <br>ended September 30,
---	---	---	---	---	---	---
	2023			2022
Balances at the beginning of the period		22,914			21,671
Accrual of the period		2,771			2,768
Use of the provision		(1,030	)		(1,247	)
Translation differences and inflation<br> adjustment		(188	)		(3,130	)
Balances at the end of the<br> period		24,467			20,062

- 27 -

13 Otherliabilities (Cont.)

^(3)^	Changes<br> in the period of the provision for employee benefits is as follows:
	For the nine-month period<br><br> <br>ended September 30,
---	---	---	---	---	---	---
	2023			2022
Balances at the beginning of the period		4,376			7,990
Actuarial gain (in other comprehensive income)		(42	)		(671	)
Service cost		391			390
Amounts paid in the period		(288	)		(436	)
Translation differences and inflation<br> adjustment		(11	)		(742	)
Balances at the end of the<br> period		4,426			6,531
^(4)^	Changes<br> in the period of the provision for legal claims is as follows:
---	---
	For the nine-month period<br><br> <br>ended September 30,
---	---	---	---	---	---	---
	2023			2022
Balances at the beginning of the period		13,136			11,846
Accrual of the period		2,366			4,285
Use of the provision		(2,238	)		(1,597	)
Translation differences and inflation<br> adjustment		(794	)		(1,033	)
Balances at the end of the<br> period		12,470			13,501

14 Equity

a) Management share compensation plan andtreasury shares

In April 2022, USD 500 (equivalent to 89,767 shares) were assigned to employees to be delivered in shares. In May 2022 and April 2023 26,930 shares were delivered (equivalent to USD 150 each installment) while the remaining shares will vest in an additional installment in May 2024.

In December 2022, USD 314 (equivalent to 56,348 shares) were assigned to employees to be delivered in shares. In January and April 2023, 16,904 shares were delivered (equivalent to USD 94 each installment) while the remaining shares will vest in an additional installment in May 2024.

In April 2023, additional USD 739 (equivalent to 77,938 shares) were assigned to employees of which 23,381 shares (equivalent to USD 221.7) were delivered to the eligible executives and key employee, while the remaining shares will vest in installments in May 2024 and May 2025.

As of September 30, 2023, the remaining new shares are held in treasury until their allocation to executives and key employees in accordance with the Management Compensation Plan.

	For the nine-month period ended September 30,
	2023				2022
Treasury shares	Shares				Shares
Balances at the beginning of the period		2,396,015				2,485,445
Transfer of treasury shares to executives<br> and key employees		(84,119	)	)		(26,930	)	)
Balances at the end of the<br> period		2,311,896				2,458,515

All values are in US Dollars.

- 28 -

14 Equity(Cont.)

b) Other comprehensive income

The movements of the reserve of other comprehensive income for the period of the owners of the parent is as follows:

	Currency<br><br> translation<br><br> adjustments		*Remeasurement of defined benefit obligations ^()^**	Share<br> of other<br><br> comprehensive<br><br> income from<br><br> associates		Income tax effect ^(*)^		Transfer<br> from<br><br> shareholders<br><br> equity –<br><br> currency<br><br> translation<br><br> differences	Total
Balances at January 1, 2023	(273,378	)	520	(41,169	)	(122	)	63,402	(250,747	)
Other comprehensive<br> income / (loss) for the period	9,831		10	4		(2	)	-	9,843
For the period ended<br> September 30, 2023	(263,547	)	530	(41,165	)	(124	)	63,402	(240,904	)
Balances at January 1, 2022	(343,837	)	120	(41,212	)	(69	)	63,402	(321,596	)
Other comprehensive<br> income / (loss) for the period	82,221		621	11		(149	)	-	82,704
For the period ended<br> September 30, 2022	(261,616	)	741	(41,201	)	(218	)	63,402	(238,892	)

^(*)^Income tax relating to OCI amounts to measurement of defined benefit obligations. The movement was recognized as other comprehensive income of other reserves.

c) Other reserves

The movements of Other Reserves of the owners of the Company is as follows:

	For the<br> nine-month period ended<br> September 30,
	2023			2022
Balances at the beginning of the period		(1,314,025	)		(1,321,211	)
Share-based compensation reserve		742			479
Execution of share-based compensation reserve		(560	)		(150	)
Remeasurement of defined benefit obligations<br> net for income tax		8			472
Balances at the end of the period		(1,313,835	)		(1,320,410	)

d) Redemption of preferred shares

On March 10, 2022, an extraordinary general meeting of AA2000 approved the redemption of the preferred shares, the reduction of the capital stock and the amendment of Article 2.01 of AA2000’s bylaws. The total redemption value amounted to ARS 17,225,719,240 (equivalent to approximately USD 155.2 million), which adjusted by inflation as of September 30, 2022 amounted to ARS 27,678,641,036 (equivalent to approximately USD 187.9 million).

As of September 30, 2022, the preferred shares were fully settled in cash by AA2000. The payments adjusted by inflation since the date of each disbursement amounts to ARS 26,114,094,893 (equivalent to approximately USD 177.3 million).

- 29 -

15            Contingencies,commitments and restrictions on the distribution of profits

a. Contingencies

CAAP and its subsidiaries are, from time to time, subject to various claims, lawsuits and other legal proceedings, including customer claims, in which third parties are seeking payment for alleged damages, reimbursement for losses or indemnity. Some of these claims, lawsuits and other legal proceedings are subject to substantial uncertainties. Accordingly, the potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. If a potential loss from a claim, lawsuit or proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration the Group’s litigation and settlement strategies.

The Group believes that the aggregate provisions recorded for losses in these Condensed Consolidated Interim Financial Statements, are adequate based upon currently available information.

Brazil legal proceedings - Tax proceedings

As stated in Note 26.a) of the Consolidated Financial Statements for the year ended December 31, 2022, on November 1, 2017, ICASGA initiated a lawsuit before the Municipality of São Gonçalo do Amarante to dispute the legality of the Property and Urban Territorial Tax (“IPTU”) collected by the City of São Gonçalo do Amarante.

On November 17, 2020, the State Court made its final decision dismissing the collection of IPTU which was appealed by the Municipality before the Brazilian Supreme Court. On August 1, 2023, a first decision was granted, in favor of the City. The Minister decided to revoke the State Court´s last decision and ruled that the State Court had to analyze the lawsuit again. ICASGA submitted an appeal before the Supreme Court, asking this monocratic decision adopted in August to be reviewed by the other Ministers which was granted on September 29, 2023. The Supreme Court partially changed its decision, and decided to keep IPTU immunity as a rule, but to allow the Municipality to collect this tax only over the areas occupied by third parties who exploit activities unrelated to the airport public service. This decision can still be appealed by the Municipality.

Peruvian Proceedings - Kuntur Wasi

On July 13, 2017, the Government of Peru notified the unilateral decision to rescind the concession agreement for the Nuevo Aeropuerto International de Chinchero.

On June 21, 2018, an arbitration procedure request was submitted by Kuntur Wasi to the competent authority ICSID (known as CIADI in Spanish). On the same date, Corporación América S.A. also submitted to CIADI a request for the arbitration procedure under the BIT framework. Both procedures before CIADI shall be carried out in a single docket.

On August 10, 2023, Kuntur Wasi received notification from the CIADI Arbitral Court regarding a favorable resolution concerning the arbitration procedure due to unreasonably and arbitrary unilateral termination of the Concession Agreement by the Peruvian Ministry of Transports and Communications. While the Arbitral Court has already determined the final award for damages and losses, there are still pending steps subject to submission of further information by Kuntur Wasi, required to calculate the business profit based on the invested amounts as well as the recognition of interests on the related amounts.

There are no other lawsuits or legal proceedings different from the ones included in the Consolidated Financial Statements for the year ended December 31, 2022.

- 30 -

15            Contingencies,commitments and restrictions on the distribution of profits (Cont.)

b. Commitments

CAAP - Preferred bidder to operate Abuja andKano airports in Nigeria

In October 2022, a consortium formed by CAAP, Mota-Engil, Engenharia e Construção África S.A., and Mota-Engil Nigeria Limited (the “Consortium”), of which the Company holds a 51% stake, has been declared by the Federal Government of Nigeria as preferred bidder for the Abuja and Kano airports and cargo terminals concessions. A preferred bidder´s bank guarantee has been issued for USD 1.8 and USD 0.4 million related to the Abuja and Kano airports respectively, expiring on November 30, 2023. These guarantees have been counter guaranteed by CAAP for 51% of the total amount. The Consortium, the Federal Ministry of Aviation and the Federal Airports Authority of Nigeria are currently revising and negotiating the final terms and conditions of the concession agreements.

In May 2023, the structure under the Consortium was created in Nigeria, with Corporacion Africa Airports Nigeria Limited as a holding company and Kano Airport Concession Company Limited and Abuja Airport Concession Company Limited as operating companies related to the Kano and Abuja airports and cargo terminal concessions respectively. As of September 30, 2023, CAAP holds indirectly a 51% of ownership of Corporacion Africa Airports Nigeria Limited, which is in turn 100% owner of Kano Airport Concession Company Limited and Abuja Airport Concession Company Limited. The companies remain without operation until the concession agreements are executed.

PDS – Concession agreement

On February 8, 2023, the International Airport of Paysandú “Brig. Gral. Tydeo Larre Borges”, was taken over by PDS according to the conditions established in the concession agreement amended on November 8, 2021.

AA2000 – Concession

On July 28, 2023, ORSNA issued Resolution N° 56-23, in which it approved the conditions related to the Review of the Financial Projection of Income and Expenses (in Spanish, PFIE) for the concession period of 2019-2023. Among other decisions, it was determined that the revision of the financial and economic equation of the concession agreement, will be finalized upon reaching the international passenger traffic level of 2019. AA2000 has submitted a judicial claim regarding this matter.

Guarantees related to concession agreements

During 2023 the following guarantees have been updated:

-	In January 2023, the amount of the performance bond required from TAGSA regarding the payments to<br>the Trust for the development of the new Guayaquil Airport was increased from USD 4.0 million to USD 5.6 million.
-	Suretyships provided to third parties on behalf of TA increased from Eur 10.6 million as of December 31,<br>2022 to Eur 12.1 million as of September 30, 2023 (equivalent to USD 11.5 million and USD 12.8 million respectively).
-	AA2000 increased the guarantee for concession contract fulfilment from ARS 3,498.4 million (approximately<br>USD 10.0 million) as of December 31, 2022 to ARS 6,499.2 million (approximately USD 18.6 million) as of September 30, 2023.
-	The amount of the insurance regarding the Brasilia concession agreement of ICAB was updated, increasing<br>from R$ 250.4 million (approximately USD 50.0 million) as of December 31, 2022 to R$ 258.3 million (approximately USD 51.6 million)<br>as of September 30, 2023. The insurance is granted by a guarantee letter of CAAP underwritten by BMG insurance company.

TA – Other commitments

Toscana Aeroporti Construzioni S.r.l. guarantees related to construction works were modified from Eur 2.5 million (approximately USD 2.7 million) in December 31, 2022 to Eur 0.8 million (approximately USD 0.9 million) as of September 30, 2023.

- 31 -

15            Contingencies,commitments and restrictions on the distribution of profits (Cont.)

b. Commitments (Cont.)

ICASGA - Re-bidding of Natal Airport Concession

As stated in Note 26.b of the Consolidated Financial Statements for the year ended December 31, 2022, on November 20, 2020, ICASGA and ANAC signed a concession agreement amendment setting forth the rules and proceedings for the re-bidding. The auction successfully took place on May 19, 2023, and on September 12, 2023, the contract between the new concessionaire and ANAC was signed. Currently, the new concessionaire is presenting the required documentation to continue with the next phases before the contract becomes effective, which will conclude with full payment of the compensation to ICAGSA.

As of the date of issuance of these Condensed Consolidated Interim Financial Statements, and until the completion of the re-bidding process when the new concessionaire will formally take over the operation of the airport, ICASGA maintains all airport operations, with the same safety and service quality, as well as commercial and employment contracts. Therefore, the financial statements are being presented under the assumption of operational continuity and the measurement and classification of the concession assets have not been modified. ICAGSA is closely monitoring the progress of the process.

c. Restrictions to the distribution of profitsand payment of dividends

As of September 30, 2023 and December 31, 2022, equity as defined under Luxembourg laws and regulations consisted of:


Share capital	163,223	163,223
Share premium	183,430	183,430
Reserve for own shares	4,438	4,600
Legal reserve	3,676	1,081
Free distributable reserves	378,910	378,910
Non-distributable reserves	1,353,590	1,353,428
Retained earnings	12,052	(34,372	)
Total equity in accordance with Luxembourg law	2,099,319	2,050,300

At least 5% of the Company’s net income per year, as calculated in accordance with Luxembourg law and regulations, must be allocated to a legal reserve equivalent to 10% of the Company’s share capital. Dividends may not be paid out of the legal reserve.

The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg laws and regulations.

16            Relatedparty balances and transactions

Corporación América Airports S.A. is controlled by ACI Airports S.à r.l., which is controlled by Corporación America International S.à r.l., both of which are Luxembourg based companies.

Corporación América International S.à r.l. is controlled by Southern Cone Foundation (CAAP’s ultimate parent company), a foundation created under the laws of Liechtenstein, having its corporate domicile in Vaduz. The foundation’s purpose is to manage its assets through the decisions adopted by its independent board of directors. The potential beneficiaries of this foundation are members of the Eurnekian family and religious, charitable and educational institutions.

Transactions and balances with “Associates” are those carried out with entities over which CAAP exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances with related parties, which are not associates and are not consolidated are disclosed as “Other related parties”.

The Group receives services from related parties, such as internal audit, management control, financial assistance, technology outsourcing services and construction services.

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16            Relatedparty balances and transactions (Cont.)

Summary of balances with related parties are:

	At September 30,<br><br> 2023			At December 31,<br><br> 2022
Period-end balances
(a) Arising from sales / purchases of goods / other
Trade receivables with associates		3,557			4,174
Trade receivables with other related parties		1,524			2,310
Other receivables with associates		68			445
Other receivables with other related parties		9,590			9,695
Other financial assets with associates		3,069			2,954
Other financial assets with other related parties		25,562			-
Trade payables to associates		(2,053	)		(2,714	)
Trade payables to other related parties		(1,914	)		(3,039	)
		39,403			13,825
(b) Other liabilities
Other liabilities to other related parties		(5,858	)		(2,503	)
		(5,858	)		(2,503	)
(c) Other balances
Cash and cash equivalents in other related parties		32,060			4,652
		32,060			4,652
	For the three-month<br><br> period ended September 30,						For the nine-month period<br><br> ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023			2022			2023			2022
Transactions
Aeronautical/Commercial revenue		4,477			2,923			11,686			7,178
Fees		(2,497	)		(1,660	)		(7,746	)		(5,233	)
Interest accruals		345			803			552			1,133
Acquisition of goods and services		(6,254	)		(4,955	)		(20,267	)		(17,167	)
Others		(1,066	)		(1,063	)		(3,128	)		(3,298	)

The Group leases buildings to other related parties which are recognized under the scope of IFRS 16 and accounted in Lease liabilities line for an amount of USD 200 as of September 30, 2023 (USD 2,833 as of December 31, 2022). Additionally, the Group has variable equipment leases with other related parties that are excluded from the lease liability according to IFRS 16. Transactions related to those leases are included in Acquisition of goods andservices line for an amount of USD 4,869 as of September 30, 2023 (USD 4,973 as of September 30, 2022).

Remunerations received by the Group’s key staff amounted to approximately 1.74% of total remunerations accrued at September 30, 2023 (2.06% as of September 30, 2022).

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17            Cashflow disclosures

The Condensed Consolidated Interim Statement of Cash Flow for the nine-month period ended September 30, 2022, included on Form 6-k furnished in the SEC on November 18, 2022, included cash payments by AA2000 in order to redeem preferred shares, that were incorrectly classified as operating activities instead of financing activities. Therefore, the comparative Condensed Consolidated Interim Statement of Cash Flow for the nine-month period ended September 30, 2022 was modified to reflect a revision, increasing other liabilities within working capital and decreasing the redemption of preferred shares line within financing activities in USD 177,261, with a corresponding increase in net cash provided by operating activities and a corresponding decrease in net cash used in financing activities.

Changes in working capital

	For the nine-month period ended<br><br> September 30,
	2023			2022
Other receivables and credits		(40,386	)		(61,602	)
Inventories		(87	)		(288	)
Other liabilities		(8,097	)		(40,944	)
		(48,570	)		(102,834	)

The most significant non-cash transactions are detailed below:

	For the nine-month period ended <br> September 30,
	2023			2022
Intangible acquisition		(389	)		(78	)
Right-of-use asset initial recognition with an increase in Lease liabilities		(934	)		-
Income tax paid with tax certificates		(2,196	)		-
Compensation of trade receivables		-			27,844
Application of credits compensated with concession fee payable		-			(24,126	)
Application of credits compensated with other liabilities		-			(3,717	)

18            Fairvalue measurement of financial instruments

According to the classification included in Note 3.B of the Consolidated Financial Statements as of December 31, 2022, the Group categorizes its financial instruments as assets and liabilities at amortized cost and fair value through profit or loss.

For the majority of instruments recorded at amortized cost, the fair values are not materially different from their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the following instruments At September 30, 2023:

	Fair value		Carrying amount
Trust funds ^(1)^		40,895		40,252
Long-term borrowings ^(2)^		1,193,298		1,269,806

^(1)^ It is included in the Other receivables line of the Condensed Consolidated Interim Statement of Financial Position. The fair value of these financial assets was calculated using a discounted cash flow (Level 3).

^(2)^ Valuation at quotation prices not adjusted in active markets for identical liabilities included Fair Value Level 2 under IFRS 13 hierarchy. There are no financial liabilities measured at fair value.

Other financial assets measured at fair value through profit or loss are included in Level 1 as defined in IFRS 13 and comprise primarily government securities, mutual funds and corporate bonds.

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19            Discontinuedoperations

In December 2021, the Group sold the participation in Aeropuertos Andinos del Perú S.A. (“AAP”). The information regarding the operation and the impact on the Consolidated Financial Statements is detailed in Note 30 of the audited Consolidated Financial Statements for the year ended December 31, 2022.

For the sale of the shares in the associate, CAAP committed to make a one-time payment to the buyer for assumed liabilities and future CAPEX commitments of AAP amounting to USD 17.2 million, which were fully paid as of December 31, 2022 (USD 10.2 million were paid as of September 30, 2022, of which USD 7.7 million were paid during 2022).

20            Financialrisk factors

As stated in Note 3A of the Consolidated Financial Statements as of December 31, 2022, CAAP’s Argentine subsidiaries are operating in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties, both in national and international environments.

On April 20, 2023, a new requirement of approval to be granted by the Central Bank of Argentina prior to the access to transactions in the Mercado Único y Libre de Cambios (“MULC”) within 60 days from the approval of the declaration in Sistema de Importaciones de la República Argentina y Pagos de Servicios del Exterior was incorporated. This requirement does not apply for: (i) payment through an exchange against a local account in foreign currency; (ii) simultaneous access with the settlement of a new financial indebtedness abroad for which the principal matures after the indicated term; and (iii) access with funds originated in a financing of imports of services granted by a local financial institution from a commercial credit line abroad and when the principal of the financing matures after the indicated term.

Regarding transactions in the stock market, the period for not entering into transactions with securities issued under foreign law is extended to 180 calendar days and the period for not entering into transactions with securities issued under Argentine law, to be submitted in the affidavits for access to the MULC, is maintained at 90 days.

On July 24, 2023, the Executive Branch of Argentina issued Decree 377/2023 establishing a tax named “Impuesto PAIS” over transactions that involves the purchase of foreign currencies for the payment of certain services and goods, specifically: i) services acquired abroad or in Argentina rendered by a non-resident, applying a tax rate of 25%; ii) freight and other transportation services for import or export of goods, applying a tax rate of 7.5%; and iii) import of goods, which applies a tax rate of 7.5%, except for the following situations: a) certain goods with specific tariff positions; b) consumables and intermediate goods directly related to the basic food basket as established by the Ministry of Economy; and c) goods related to power generation under the terms established by the Secretariat of Energy. The Administración Federal de Ingresos Públicos empowered to set a down payment of a 95% under the terms and conditions established by said administration. Financial institutions should act as perception agents and perform the tax return. The Decree became effective for foreign currency purchases carried out as from July 24, 2023.

On August 13, 2023, there were primary elections in Argentina, after which the Argentine peso has experienced a strong value decrease.

Considering this situation and the uncertainties resulting from these events, CAAP`s Argentine subsidiaries continue to assess the evolution of the above-mentioned variables in order to identify the unforeseen potential impacts that could affect the Company´s business and performance.

21            Subsequentevents

There are no subsequent events that could significantly affect the Group´s financial position as of September 30, 2023.

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